. >> there was bank of canada, and are, to back him -- tiff mac klem.here was a big reaction we saw in the loony. there will be a little bit quicker than some expected -- they are moving a little bit quicker than some expected. joe: you see the cad falling very sharply. it speaks to the idea of this sort of pulling forward of the price that was not priced in. >> the recovery needs extraordinary support but the loonie ain't listening. >> we have our guest now, there is a difference it seems between the way the bank of canada speaks versus the fed, the fed is basically like we are on vacation until things are really good again, the bank of canada is forecasting a little bit what the endgame looks like. >> the bank of canada took a hawkish tone today, it signaled for the first time that it is ready to start on his path to the normalization of monetary policy by reducing some of the stimulus in its qe program. it especially stated it is reducing purchases of government of canada bonds because economy -- the economy is recovering faster than expected. the ba